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AMERICAN CAS. CO OF READING, PENNSYLVANIA v. F.D.I.C.

Nos. 93-1241 to 93-1244.

39 F.3d 633 (1994)

AMERICAN CASUALTY COMPANY OF READING, PENNSYLVANIA, Plaintiff-Appellee, v. FEDERAL DEPOSIT INSURANCE CORPORATION in its corporate capacity and as receiver for First State Bank, White Cloud (93-1243); John A. Crisman, a stockholder of First State Bank, White Cloud (93-1244); Gerald E. Martin (93-1242); George A. Rosenberg; David A. Hepinstall; Donald G. Rudert (93-1241), Defendants-Appellants, Richard Graves; Joseph Nelson; John W. Shepard, Defendants.

United States Court of Appeals, Sixth Circuit.

Decided October 26, 1994.

Rehearing Denied December 21, 1994.

Attorney(s) appearing for the Case

Robert H. Gillette, Wheeler, Upham, Bryant & Uhl, Grand Rapids, MI, John R. Gerstein (briefed), Thomas H. Howlett, Richard A. Simpson (argued), Ross, Dixon & Masback, Washington, DC, for American Cas. Co. of Reading, Pennsylvania.

Eric N. Macey (briefed), Bruce Braverman, Michael A. Weinberg, Novack & Macey, Chicago, IL, Lawrence H. Richmond (argued), Baltimore, MD, Larry C. Willey, Grand Rapids, MI, for F.D.I.C.

Arthur M. Rude, Parmenter & O'Toole, Muskegon, MI, for John A. Crisman.

William S. Farr, Farr & Oosterhouse, Grand Rapids, MI, for Gerald E. Martin.

Richard Graves, pro se.

James R. Saalfeld, Hillary C. Arthur, Dykema, Gossett, Spencer, Goodnow & Trigg, Stephen D. Turner (briefed), Law, Weathers & Richardson, Grand Rapids, MI, for George A. Rosenberg, David A. Hepinstall, Donald G. Rudert.

John W. Shepard, pro se.

Joseph Nelson, pro se.

Before: JONES, BOGGS, and DAUGHTREY, Circuit Judges.

Rehearing Denied December 21, 1994 in No. 93-1243.*

DAUGHTREY, J., delivered the opinion of the court, in which BOGGS, J., joined. JONES J. (pp. 642-43), delivered a separate opinion concurring in part and dissenting in part.

DAUGHTREY, Circuit Judge.

In this case, we are asked to determine the scope of coverage of an officers and directors ("D & O") liability insurance policy, issued in 1987 by the plaintiff, American...

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